Health insurance is often a crippling cost for small business owners. In the decision to either break the bank or give your employees a quality health plan, there are several considerations that can help you pick the most cost-efficient policy without sacrificing benefits. These are just a few of the ways you can start saving money on employee benefits packages.
1. Always Consider the Options
Working with the same provider is one way to achieve consistency in service and package offerings, but don’t be afraid to shop around and consider what other insurers may be offering. You may find a lower premium rate up-front but experience a rate hike down the road, while others might offer long-term discounts.
2. Create a Culture of Education
The costs of insurance can be hard to understand, and employees may complain no matter how affordable you think the plans may be. Train your employees on the services offered, the benefits of the plan, how open enrollment works and how personal health can impact rates.
3. Encourage Using FSAs
The costs of paying for services, beyond the premiums, can be taken care of through a Flexible Spending Account. Using pre-tax deductions from their paycheck, employees have access to a pool of funds that can be used to pay a variety of healthcare bills.
By saving money on employee benefits packages, you can make quality healthcare more accessible to all your employees. Pursue these strategies and others for the biggest savings.